Microeconomics Chapter 2
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Last updated 7:34 PM on 10/23/23
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5 Terms
1
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Production Possibility Frontier
a graph that shows the combinations of two goods the economy can possibly produce given the available resources and the available technology.
2
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Exports
Goods produced domestically and sold abroad.
To Exports means to sell domestically produced good abroad
3
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Imports
Goods produced abroad and sold domestically
To import means to purchase goods produced in other countries
4
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Absolute Advantage
the ability to produce a good using fewer inputs than another producer
5
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Comparative Advantage
the ability to produce a good at a lower opportunity cost than another producers
